Blackstone makes most of its money from management and advisory fees, and performance allocations. Management fees are stable, recurring fees charged to investors (such as pension funds and sovereign wealth funds) as a percentage of the total assets under management or committed capital. In the third quarter of 2025, Blackstone's management and advisory fees surpassed a record $2 billion, a 14% year-over-year increase.The company is also the world's largest owner of commercial real estate . It owns thousand ...

Core Insights - Pfizer anticipates a significant revenue decline due to the loss of exclusivity for key products between 2026 and 2030, including Eliquis, Vyndaqel, Ibrance, Xeljanz, and Xtandi, all facing patent expirations [1][9] - The company has bolstered its R&D pipeline through mergers and acquisitions, successful data readouts, and pivotal program initiations, positioning itself for sustainable growth post-LOE [1][7] Oncology Pipeline - Pfizer has advanced its oncology pipeline with several candidates in late-stage development, including vepdegestrant for ER+/HER2- metastatic breast cancer, atirmociclib for HR+/HER2- metastatic breast cancer, and sigvotatug vedotin for metastatic non-small cell lung cancer [2] - By 2030, Pfizer expects to have eight or more blockbuster oncology medicines in its portfolio [4] Non-Oncology Developments - In non-oncology areas, Pfizer is developing an mRNA flu/COVID combination vaccine and osivelotor for sickle cell disease, both in late-stage development [4] - The company is also expanding the labels of approved products like Padcev, which was recently approved by the FDA in combination with Merck's Keytruda for specific bladder cancer patients [5] Obesity Market Expansion - Pfizer is strengthening its presence in the obesity market, currently dominated by Eli Lilly and Novo Nordisk, through the $10 billion acquisition of Metsera and the in-licensing of YP05002, an oral GLP-1 receptor agonist [6] - The Metsera acquisition added four novel clinical-stage programs for obesity, expected to generate billions in peak sales [6] Competitive Landscape - Pfizer faces revenue headwinds from patent expirations but is positioned for long-term growth through its expanding late-stage pipeline in oncology and investments in obesity, vaccines, and rare diseases [7] - The oncology market is competitive, with major players like AstraZeneca, Merck, Johnson & Johnson, and Bristol-Myers also focusing on oncology sales [10][11][12][13] Financial Performance - Pfizer's stock has declined 7% over the past year, while the industry has seen a 16% increase [14] - The company's shares are trading at a forward price/earnings ratio of 8.18, below the industry average of 17.40 and its own 5-year mean of 10.39, indicating attractive valuation [16] - The Zacks Consensus Estimate for 2025 earnings has increased slightly to $3.10 per share, while the estimate for 2026 has decreased to $3.04 per share [18]

Core Insights - Pfizer's stock has declined approximately 3% this week following the announcement of its financial guidance for 2026, which did not meet investor expectations [1] Financial Guidance - Pfizer anticipates total revenues for 2026 to be between $59.5 billion and $62.5 billion, reflecting modest growth from the revised 2025 revenue expectation of around $62 billion, primarily due to lower revenues from COVID products and the impending patent cliff [2] - The company expects adjusted earnings per share in the range of $2.80 to $3.00 for 2026, a decline from the 2025 expected range of $3.00 to $3.15, influenced by the dilutive impact of recent deals and lower COVID revenues [3] Oncology Segment - Pfizer holds a strong position in oncology, with oncology sales accounting for approximately 28% of total revenues, which have increased by 7% in the first nine months of 2025 [4][5] - The company is advancing its oncology pipeline and expects to have eight or more blockbuster oncology medicines by 2030 [5] Product Development and Acquisitions - Pfizer is focusing on expanding its product labels and has in-licensed rights for new oncology treatments, including a dual PD-1 and VEGF inhibitor [6][7] - The company has reduced its dependence on COVID-related revenues, with non-COVID operational revenues improving due to key products and new acquisitions, which are expected to deliver double-digit growth in 2026 [8][9] Challenges and Headwinds - Pfizer is facing a significant revenue impact from the loss of exclusivity for several key products between 2026 and 2030, which is projected to reduce sales by approximately $1.5 billion in 2026 [15] - The company is also experiencing lower sales of COVID products due to decreased vaccination and infection rates, with expected COVID revenues around $5 billion in 2026, down from $6.5 billion in 2025 [12][14] Stock Performance and Valuation - Pfizer's stock has underperformed compared to the industry and the S&P 500, losing 4.9% year-to-date [17] - The stock is currently trading at a price/earnings ratio of 8.04, significantly lower than the industry average of 17.11 and its five-year mean of 10.41, indicating potential attractiveness for investors [20] Future Outlook - Despite current challenges, Pfizer's key drugs and new product launches are expected to help offset losses from patent expirations, with anticipated cost savings of $7.7 billion by the end of 2027 [26] - The company is viewed as a hold in investment portfolios as it rebuilds its pipeline in oncology and obesity, which could drive growth from 2029 onwards [27]

Core Viewpoint - The healthcare sector presents significant investment opportunities for long-term investors, particularly in stocks that demonstrate growth potential and resilience against market fluctuations [2]. Group 1: Pfizer - Pfizer has experienced a transformative period, shifting from slow growth to a surge in revenue due to the success of its COVID-19 vaccine developed with BioNTech [4]. - The company has strategically utilized profits from its COVID-19 products to acquire other firms, including a pivotal $43 billion acquisition of Seagen in 2023, enhancing its oncology portfolio with four approved cancer therapies [5][6]. - Pfizer's recent product launches include a range of treatments such as the RSV vaccine Abrysvo and the migraine treatment Nurtec, which are expected to drive future growth [7]. - The company reported total revenue of approximately $45 billion in the first nine months of 2025, with a 24% year-over-year increase in GAAP net income to $9.4 billion [10]. - Pfizer has a strong dividend history, delivering over $7 billion in cash dividends in the first nine months of 2025, with a current yield close to 7% [11]. - The company is focusing on non-COVID growth areas, including oncology and cardiometabolic treatments, while also pursuing acquisitions to counteract patent expirations [9][12]. Group 2: Viking Therapeutics - Viking Therapeutics is a clinical-stage biopharmaceutical company with its value largely dependent on successful clinical trials and regulatory approvals [13]. - The lead candidate, VK2735, has shown promising results in early trials for weight loss and diabetes improvement, targeting both GLP-1 and GIP receptors [14][15]. - The injectable formulation of VK2735 is in phase 3 trials and has demonstrated significant weight reduction, positioning it competitively against existing treatments [17]. - Viking has a diversified pipeline, including candidates for metabolic liver disease and a rare genetic condition, which may reduce reliance on a single product's success [18][19]. - The company ended Q3 2025 with over $715 million in cash, providing stability for ongoing research and development without immediate fundraising concerns [19][20].

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of $36.16, indicating a potential upside of 48.0% from the current price of $24.43 [1][3][16]. Core Insights - Pfizer maintains a leading position in the global pharmaceutical industry, with robust growth in its non-COVID core business, projected to grow by 12% year-over-year in 2024. However, the company faces a significant patent expiration wave from 2025 to 2028, with seven blockbuster drugs losing patent protection [1][7][19]. - The company has implemented an aggressive cost-cutting plan aiming to save $7.2 billion from 2024 to 2027, which has already shown positive results, with operating margins expected to rise significantly [5][8][15]. - Pfizer's innovative pipeline is being restructured, with several promising products expected to drive long-term growth, including Elrexfio, SSGJ-707, and MET-097i, which are anticipated to contribute significantly to revenue by 2035 [9][10][11][15]. Financial Summary - Pfizer's revenue is projected to decline in 2025, 2026, and 2027 by 0.8%, 0.9%, and 5.8%, respectively, primarily due to the decrease in COVID-related product sales and the impact of patent expirations [2][15]. - The adjusted net profit for FY24 is estimated at $13.1 billion, reflecting a year-over-year growth of 87% [2]. - The adjusted PE ratio for 2025 is forecasted at 8.05, with a dividend yield of 7.1%, indicating an attractive valuation [16]. Pipeline and Growth Potential - Pfizer's pipeline includes several high-potential candidates, with expected combined revenues reaching $44.2 billion by 2035, representing 46% of total revenue [9][15]. - Key products in the pipeline include: - Elrexfio, targeting multiple myeloma, with significant clinical advantages over competitors [10]. - SSGJ-707, a PD-1/VEGF dual antibody, expected to become a cornerstone product in oncology [11][12]. - MET-097i, a GLP-1 receptor agonist, showing promising weight loss results with fewer dosage increments [13][15]. Market Position and Challenges - Pfizer's market leadership is supported by a comprehensive capability from research to commercialization, but it faces challenges from the expiration of patents and the impact of the Inflation Reduction Act (IRA) on drug pricing [18][21]. - The company is actively pursuing mergers and acquisitions to bolster its product pipeline and mitigate risks associated with patent expirations and declining sales from older products [23][29].

Core Insights - Pfizer has entered a significant agreement with the Trump administration to reduce drug prices and enhance U.S. innovation and manufacturing [1][10] - The deal includes price reductions for certain drugs to match costs in comparable developed countries and substantial discounts through a new purchasing platform [2][4] - Pfizer will invest an additional $70 billion in U.S. manufacturing in exchange for a three-year exemption from tariffs on pharmaceutical imports [3][10] Drug Pricing and Market Impact - Pfizer will implement price cuts of up to 85%, averaging 50%, on key treatments [2] - The stock price of Pfizer increased nearly 14% following the announcement, alleviating major concerns in the pharmaceutical industry regarding tariffs and pricing proposals [4][10] - Other major drugmakers also saw stock gains, indicating potential for similar agreements in the industry [4] Oncology and Product Pipeline - Pfizer is a leading player in oncology, with revenues from oncology drugs growing 9% in the first half of 2025 [6] - The acquisition of Seagen has strengthened Pfizer's oncology portfolio, with expectations of eight or more blockbuster oncology medicines by 2030 [7][10] - New and acquired products contributed $4.7 billion in revenues in the first half of 2025, reflecting a 15% operational increase year-over-year [9][10] Financial Performance and Projections - Pfizer anticipates a revenue compound annual growth rate (CAGR) of approximately 6% from 2025 to 2030, with the Seagen acquisition expected to add over $10 billion in risk-adjusted revenues by 2030 [11][10] - The company expects to face challenges from declining COVID product sales, with revenues dropping from $56.7 billion in 2022 to around $11 billion in 2024 [12] - Pfizer is preparing for a significant impact from loss of exclusivity (LOE) on key products between 2026 and 2030 [13] Cost Management and Future Outlook - Pfizer aims to achieve savings of $7.7 billion by the end of 2027 through cost cuts and restructuring [22] - Despite anticipated revenue challenges, Pfizer expects earnings per share (EPS) growth and maintains a dividend yield of around 7% [22][24] - The company has announced plans to acquire Metsera, re-entering the obesity drug market after previously halting development on another weight-loss drug [23][24] Valuation and Investment Considerations - Pfizer's stock is trading at a price/earnings ratio of 8.70, significantly lower than the industry average of 15.93, indicating attractive valuation [18] - The Zacks Consensus Estimate for earnings has increased for 2025 and 2026, reflecting positive sentiment [20] - Investors are encouraged to consider Pfizer for long-term investment due to its cheap valuation, high dividend yield, and growth prospects [24]

Core Insights - Pfizer's stock has declined approximately 61% since late 2021, primarily due to falling sales of its COVID-19 products, Comirnaty and Paxlovid, which generated $36.8 billion in 2021 but saw sales drop to $945 million and $918 million respectively in the first half of 2025 [1][7] - Despite the decline in COVID-19 product sales, Pfizer's future appears promising due to significant investments in cancer drug development, particularly through its acquisition of Seagen [2][7] Group 1: COVID-19 Product Sales - Comirnaty sales fell to $945 million in the first half of 2025 from $36.8 billion in 2021 [1] - Paxlovid sales decreased by 60% year over year to $918 million [1] Group 2: Cancer Drug Development - Pfizer invested $43 billion in Seagen, enhancing its cancer treatment portfolio, including the successful drug Padcev, which saw a 38% increase in sales to an annualized $2.2 billion in Q2 [2][7] - Padcev's sales growth is supported by positive results from a clinical trial showing improved long-term survival rates for patients receiving the drug before and after surgery [3] - Elrexfio, another acquired treatment, has shown promising results, shrinking tumors in 97% of newly diagnosed patients, with potential peak sales exceeding $5 billion annually [4][5]

Core Viewpoint - The article highlights three pharmaceutical stocks under $100 that are considered attractive investment opportunities: AstraZeneca, Novo Nordisk, and Pfizer. AstraZeneca - AstraZeneca is recognized as a leading healthcare company with significant growth potential, aiming to increase its annual revenue to $80 billion by the end of the decade from $56.5 billion in the last 12 months [5] - The company has a robust pipeline with nearly 200 projects, including over 20 in phase 3 trials, showcasing its commitment to innovation and growth across various therapeutic areas [4][6] - AstraZeneca offers a dividend yield of 2%, which is higher than the S&P 500 average of 1.2%, making it an appealing option for long-term investors [6] Novo Nordisk - Despite recent challenges, including declining sales growth and a downward revision of revenue guidance, Novo Nordisk's stock is viewed as undervalued, trading at just under $59 with a forward price-to-earnings ratio of 14.2, below the industry average of 16.5 [8][9] - The company is expected to benefit from strong growth drivers like Ozempic and Wegovy, with recent label expansions enhancing their market potential [10][11] - Novo Nordisk has several candidates in late-stage studies, positioning it as a leader in the rapidly growing GLP-1 market [11] Pfizer - Pfizer, with a market cap of $135 billion and annual revenue exceeding $60 billion, is considered underrated, trading at only 7.7 times forward earnings and a PEG ratio of 0.96 [12] - The company faces a patent cliff but has promising products in its pipeline, including the multiple myeloma drug Elrexfio, and a total of 108 programs in clinical development [13][14] - Pfizer's forward dividend yield is notably high at 7.24%, providing a strong incentive for investors despite potential challenges in share price appreciation [15]

Group 1: Investment Opportunities - Dividend stocks are a viable option for generating investment income, but selecting companies with long-term performance potential is crucial [2] - Three dividend stocks currently trading at a discount are highlighted as suitable for income investors [3] Group 2: Pfizer - Pfizer's stock has declined nearly 60% from its late-2021 high, with projected revenue dropping from over $100 billion in 2022 to around $63 billion this fiscal year [5][6] - The company is developing new drugs, including Elrexfio and Vepdegestrant, with the potential for significant market expansion and revenue generation by 2030 [7][8] - Pfizer has 108 clinical trials underway, with 28 in phase 3 testing, indicating a strong pipeline that supports future dividend payments [9] Group 3: Accenture - Accenture is a major player in providing technical and support services, with a revenue of $65 billion in 2024 and a consistent profit record since going public in 2001 [10][11][12] - The company has seen its net annualized profits grow from less than $1 billion to approximately $8 billion, with a reliable dividend growth since 2005 [12][13] - Despite a forward-looking yield of around 2.5%, Accenture's 37% pullback from its January high makes it an attractive option for long-term income investors [13] Group 4: Occidental Petroleum - Occidental Petroleum's stock is down 37% from its 2022 high, despite the ongoing reliance on fossil fuels, which account for over 70% of U.S. energy production [14][15] - The company is a cost-effective producer of oil and natural gas and is exploring carbon capture technology, which has significant growth potential [16][17] - The forward-looking yield of 2.1% is supported by reliable profits, making it a stable choice for income investors [19]

Core Insights - Pfizer Inc. is experiencing challenges in share price momentum post-COVID-19, but recent strong quarterly results and a favorable technical chart indicate a potential turnaround, making it a consideration for investment due to its attractive dividend yield of approximately 6.9% [1][7] Dividend and Financial Performance - Pfizer's current payout ratio stands at 51% of earnings, reflecting a commitment to returning profits to shareholders while also reinvesting in growth [2][3] - The company has increased its dividend five times over the past five years, with an annualized dividend growth of 2.56% [3][2] - In the first half of the year, Pfizer reported cash inflows of $571 million against dividend payments of $4.9 billion, but the CFO has assured improvements in cash flows for the second half [3][4] Revenue and Growth Prospects - Pfizer's Q2 revenues reached $14.7 billion, marking a 10% year-over-year increase, with EPS rising 30% to $0.78 [7][9] - The company is launching new drugs, such as Elrexfio and Sigvotatug vedotin, to offset revenue losses from the loss of exclusivity of some best-selling drugs [4][5] - The acquisition of Seagen is expected to enhance cash flow, providing financial flexibility for sustaining and increasing dividends [5][8] Market Position and Competitive Landscape - Pfizer's sales for its COVID-19 products, Paxlovid and Comirnaty, have shown year-over-year growth, alongside strong performance from cancer drugs like Xtandi and Padcev [9] - Despite positive indicators, challenges remain, including competition in the immuno-oncology space and patent expirations for key products like Eliquis and Xtandi [12] Technical Indicators - A golden cross pattern has emerged, indicating a potential uptrend in Pfizer's share price, as the 50-day moving average has crossed above the 200-day moving average [10]